Gold Falls 2.6%, Silver Sinks 4.4%; US Mint Bullion Coins Rise

Gold for February delivery declined $32.30, or 2.6%, to close at $1,224.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded from a low of $1,222.60 to a high of $1,256.50. The precious metal was pressured, opined analysts, on a stronger U.S. dollar and on higher expectations of early stimulus reduction.

"Technical selling pressure re-emerged due to a lack of fresh, bullish fundamental news. The higher U.S. dollar index Thursday was also a bearish ‘outside market’ factor for the precious metals markets," said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily note.

"Selling interest in gold Thursday was also partly attributed to the U.S. budget deal reached between congressional Democrats and Republicans this week… Remember that the last budget impasse and U.S. government shutdown played a part in the Fed holding off on a tapering move."

Gold prices dipped 0.3% on Wednesday after rallying 2.6% over the prior two sessions.

Silver for March delivery tumbled 90.3 cents, or 4.4%, to settle at $19.45 an ounce. Prices ranged from $19.41 to $20.35. Silver prices surged 4.3% over the past three sessions.

In PGM futures, palladium declined for the first time since Monday while platinum settled lower for a second straight session. In prices on Thursday:

January platinum lost $20.80, or 1.5%, to $1,364.40 an ounce, trading between $1,359 and $1,387.70.

Palladium for March delivery fell $18.30, or 2.5%, to $720.25 an ounce, ranging from $714.40 to $738.30.

London Fix Precious Metals

London bullion fixings sank as well. In comparing the Wednesday PM to Thursday PM London fix prices:

US Mint Bullion Sales in December

U.S. Mint bullion sales for the week so far, for the month through Dec. 12, and the year-to-date are listed below.

American Eagle and Buffalo Bullion Sales (# of coins)

Thursday Sales

Last Week

Week-To-Date Sales

December Sales

YTD Sales

$50 American Eagle Gold Bullion Coins

5,000

19,000

11,000

30,000

720,000

$25 American Eagle Gold Bullion Coins

0

0

0

0

58,000

$10 American Eagle Gold Bullion Coins

0

0

4,000

4,000

122,000

$5 American Eagle Gold Bullion Coins

0

15,000

0

15,000

535,000

$50 American Buffalo Gold Bullion Coins

1,000

1,500

4,000

5,500

237,500

White Mountain 5 oz. Silver Bullion Coins

Sold Out

35,000

Perry’s Victory 5 oz. Silver Bullion Coins*

0

0

2,900

2,900

30,000

Great Basin 5 oz. Silver Bullion Coins*

0

0

1,400

1,400

30,000

Fort McHenry 5 oz. Silver Bullion Coins

Sold Out

30,000

Mount Rushmore 5 oz. Silver Bullion Coins

Sold Out

35,000

American Eagle Silver Bullion Coins

25,000

400,000

773,000

1,173,000

42,648,000

*Perry’s Victory and Great Basin silver bullion coins sold out on Tuesday, Dec. 10. The U.S. Mint will not have America the Beautiful Five Ounce Silver Bullion Coins to sell until the first 2014-dated strike is released in late January.